This is a graph of the number of people in the US who are in the labor force…that is, working or looking for work.
(image credit: Heritage Foundation )
When people drop out, they are not counted as unemployed, hence the reason the number of people out of work has soared, but the official unemployment rate has not.
Notice too that the big decline started after Obama took office, not before as his reelection campaign would have you believe.
Official statistics can be manipulated in so many ways, and official unemployment seems to be one of the favourites of governments.